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Forex News: Australian Dollar Slides After Weak China Data

Australian Dollar Slides After Weak China Data

01/02/2019 - 02:42:00 (RTTNews)

(RTTNews) - The Australian dollar lost ground against its major counterparts in the Asian session on Wednesday, as Asian shares fell after a private survey showed that China's manufacturing activity in December contracted for the first time in 19 months amid trade tensions with the U.S.

Survey from Caixin showed that Chinese manufacturing PMI fell to 49.7 from 50.2 in November. The expected score was 50.7.

This was the lowest reading since May 2017.

A reading above 50 indicates expansion, while a score below that shows contraction.

China is the largest trading partner of Australia.

Oil prices dropped, undermined by soaring output in the U.S. and worries over slowing growth in China.

The aussie declined to 6-day lows of 0.7022 against the greenback and 1.0473 against the kiwi, from its early highs of 0.7045 and 1.0502, respectively. The next possible support for the aussie is seen around 0.68 against the greenback and 1.03 against the kiwi.

The aussie fell to more than a 2-year low of 76.77 against the yen, near 3-month low of 1.6340 against the euro and a 1-1/2-month low of 0.9550 against the loonie, off its previous highs of 77.25, 1.6250 and 0.9610, respectively. If the aussie drops further, it may find support around 75.00 against the yen, 1.65 against the euro and 0.94 against the loonie.

The greenback declined against its key counterparts in Asian trading, with dismal data from China triggering risk aversion.

Having advanced to 1.2739 against the pound at 12:15 am ET, the greenback reversed direction and fell to 1.2773. The greenback is likely to find support around the 1.29 level.

Reversing from its early highs of 0.9839 against the franc and 1.1445 against the euro, the greenback dropped to a 5-day low of 0.9796 and near a 2-month low of 1.1497, respectively. On the downside, 0.96 and 1.16 are likely seen as the next support levels for the greenback against the franc and the euro, respectively.

The greenback dropped to 109.13 against the yen, its weakest since May 2018. The greenback is poised to find support around the 108.00 mark.

The greenback declined to a 6-day low of 1.3584 against the loonie, after rising to 1.3646 at 12:15 am ET. The greenback is seen finding support around the 1.33 region.

The greenback reached as low as 0.6720 against the kiwi, down from a high of 0.6700 seen at 12:15 am ET. The greenback may possibly test support around the 0.68 mark.

Looking ahead, PMIs from major European economies are due in the European session.

In the New York session, U.S. advance goods trade balance and wholesale inventories for November and Markit's final manufacturing PMI for December are scheduled for release.

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